Jindal Poly Films minority shareholders weigh options on dismissal of class action suit by SC
Minority shareholders of Jindal Poly Films are assessing options after the Supreme Court dismissed their class action suit and referred the dispute to arbitration.Summary
The National Company Law Tribunal (NCLT) admitted a class action petition filed by minority public shareholders of Jindal Poly Films alleging siphoning of over ₹2,500 crore through undervalued promoter-linked transactions. After SEBI’s investigative report confirmed losses of over ₹760 crore, the NCLT issued a notice and the National Company Law Appellate Tribunal (NCLAT) upheld the tribunal’s order on February 26, dismissing the company’s appeal.
In early June 2026 the Supreme Court set aside the NCLT and NCLAT orders, disposed of the suit by consent and appointed Justice Manindra Mohan Shrivastava (Retd) as sole arbitrator. Minority shareholders, now represented by Monet Securities after the original lead petitioner exited, are evaluating the implications, noting that while the forum has shifted to arbitration, substantive rights remain and SEBI’s regulatory jurisdiction is unaffected, though the economics of pursuing claims pose a major challenge.
(Source：The Hindu Business Line)